A big improvement in animal health product sales helped Bioniche Life Sciences Inc. (TSX:BNC) cut its first-quarter loss almost in half, the Ontario-based biopharmaceutical company said Wednesday.
"I'm pleased with the company's performance in the first quarter of fiscal 2011," chairman, president and CEO Graeme McRae said in a news release.
"We are progressing well with the construction of our world class animal health and food safety vaccine manufacturing centre, while maintaining an active animal health and food safety business and considering new opportunities for our core mycobacterial cell wall-DNA complex in human health."
Consolidated revenues related to animal health product sales for the quarter were almost $6.7 million, up from $5.9 million in the first quarter of fiscal 2010.
Research collaborations and licensing revenue brought in additional revenue of almost $1.2 million.
Bioniche shares were down a penny at $1.63 Wednesday morning on the Toronto Stock Exchange.